Promotion and the Product Life Cycle

Purpose of Assignment All products/services go through a lifecycle of NPI (new product introduction), growth, maturity, and decline. These various stages affect the marketing strategy and promotional efforts for a particular product or service. In Week 3, you will incorporate a product strategy that addresses at least 3 areas of the product lifecycle. The primary objective of this assignment is to allow you to demonstrate an understanding of the factors that can affect the launch of a product or service. Assignment Steps Create a minimum 700-word product strategy in Microsoft® Word. Complete the following: *** Select a product strategy. *** Address at least three areas of the product lifecycle (NPI, growth, maturity, and decline). *** Create at least two different types of media methods for the product or service. One method must be print and the other must be non-print, both of which highlight your product or service. In your assignment, include 2-3 sentences about each media method (i.e., one paragraph of what you would do, but not how to do it). For example, (this cannot be used in this assignment), a non-print media method would be a Facebook campaign that provides users with a reward for each review (positive or negative) about the use/appearance/price/etc. of the product or service. *** Determine how you will measure the marketing activities (i.e., what metrics will be used to determine success or failure). *** Address three elements of the following Product and Promotion List: * Integrated marketing communication * Advertising strategy/objectives * Push and pull * Media strategy * Advertising execution * Direct marketing * Public relations/strategies * Positioning The plan will be a continuation of the global or multi-regional company you chose in Week 1. This will be incorporated into your overall marketing plan for Week 6.